July 16, 2012 / 5:23 PM / 5 years ago

North Sea Crude-Diffs under pressure from Nigeria offer

LONDON, July 16 (Reuters) - Differentials on North Sea
Forties crude held steady on Monday but other sweet crudes fell
marginally due to offers of Nigerian crude into Northwest
    The fall, however, was limited by the recent strength of
Russian medium-sour Urals, traders said.
    "North Sea came under a little pressure because of Nigerian
crude," a trader said. "But Urals is still strong so Forties
should be bid up because margins on Forties are better than
    Swaps fell cross the curve and the backwardation narrowed,
reflecting the Nigerian crude offers into Northwest Europe.
    The prompt backwardation between August and September Brent
futures widened to as much as $1.26 a barrel at the August
expiry. LCOc1-LCOc2
    Market impact from minor delays on Forties loading was
    Loadings of F0713 and F0714 will be delayed by one day and
their new loading days are July 21-23 and July 23-25,
    * Statoil offered a cargo of Forties for Aug. 6-8 loading at
dated Brent plus 55 cents a barrel. There was no bid. 
    * On Friday, Shell placed a bid for an early August cargo at
dated plus 40 cents. The previous Forties deal was done at dated
plus 25 cents a barrel.
    * Vitol lowered its offer level for 950,000 barrels of Bonny
Light to dated plus $2.65 a barrel cif Rotterdam from at dated
plus $3 on Friday. The delivery date is Aug. 1-5.

    * Buyers assessed differentials at about 10-15 cents lower
than last week. Oseberg and Ekofisk were assessed around dated
plus $1.10/$1.20 a barrel. 
    * Maersk Oil has placed its DUC crude cargoes for August.
    * Swaps eased across the curve and the backwardation
narrowed slightly: 
    23-27/7 Oct +94 (+140)
    30-03/8 Oct +80 (+115)
    6-10/8  Oct +70 (+100)
    13-17/8 Oct +65 (+90)
    20-24/8 Oct +53 (+80)
    For a database of oil supply and demand fundamentals
upstream and downstream, Reuters subscribers can click here

 (Reporting by Ikuko Kurahone; editing by James Jukwey)

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